The two buildings are part of the 10-building, 1.7-million-sfPacific Shores Center, a multi-tenant, 106-acre campus with theamenities of a high-end corporate campus such as Nike's inBeaverton, OR. The seller, Starwood Capital Group of Greenwich, CT,acquired the overall development from Jay Paul Co. for $825 millionor $485 per sf shortly before the start of the year and immediatelyset out to flip 1400-1500 Seaport, the core nature of which doesn'tmesh with Starwood's opportunistic strategy.

PDL has committed to lease the two buildings through December2021. The 164,000-sf building at 1500 Seaport was in shellcondition when PDL signed its lease. It is being built out as labspace. The 283,000-sf building at 1400 Seaport, which is beingsubleased from OpenWave Systems for the first seven years, wasalready finished and fully furnished and will be used for PDL'sadministrative offices. The published triple-net asking rate for1500 Seaport at the time the lease was signed was $21 per sf peryear.

Starwood Capital's acquisition of Pacific Shores Center includedadditional development land. Given that, the long-term nature ofPDL's lease and the fact that other buildings in the deal were notfully leased, local industry experts tell GlobeSt.com that 1400 and1500 Seaport were likely valued at well more than $500 per sf forStarwood Capital's acquisition and that Shorenstein's flip pricelikely came in somewhere between $540 and $550 per sf. The variousparties involved either declined comment on the price or could notbe reached for comment.